Xbox 360After the price cuts in the US, Microsoft has officially announced that it will bring down the price of all the Xbox 360 units in the European region.

From this Friday onwards, the basic Arcade unit will go for £129.99, while the 120GB Elite model at the higher end will retail at £229.99. Lastly, the standard 60GB model will now retail at £169.99. These figures represent between 10% to 18% price cuts.

The price cut makes the Xbox 360 claim the title of the cheapest current generation console, undercutting both Sony’s PS3 and Nintendo’s Wii. It’s a part of Microsoft’s strategy to open up the Xbox 360 to an even wider audience. MS also clearly has a “sell more in the upcoming season” strategy.

We’ll get to know about the console sales in the time to come. Let’s see if the 360 does any magic!